Setting up an s.r.o. will become easier and faster

Under a proposed amendment to Slovakia’s Commercial Code prepared by the Ministry of Justice of the Slovak Republic, the process of incorporating a limited liability company (s.r.o.) is set to become simpler and faster from next year. The reform is based on the introduction of standardized online forms and an interactive step-by-step guide that will lead founders through the entire incorporation process.

As noted at the outset, the change will apply exclusively to limited liability companies (s.r.o.), and only if several additional conditions are met. In particular, the company’s scope of business must be limited to a maximum of ten activities selected from a dedicated list of pre-defined unregulated (“free”) trades, which the amendment introduces for this purpose. In addition, the company will be allowed to have only one shareholder.

For this specific type of s.r.o., the trade license will be deemed automatically granted upon entry into the Commercial Register, and the company will also be automatically registered as a tax subject. In this streamlined process, filings will be handled exclusively by the Commercial Register of the District Court in Žilina, irrespective of the company’s registered seat.

The amendment is expected to take effect on 1 January 2023.